DataSynapse closes $15 million B round of financing led by Bain Capital VenturesNew York 11 June 2001 DataSynapse, a provider of peer-to-peer distributed computing software platforms for the financial services and energy sectors, has completed a $15 million round of financing led by Bain Capital Ventures. New investors include First Union eVentures and Intel Capital.
DataSynapse's flexible peer-to-peer architecture can harness idle PCs or dedicated servers to increase application turnaround by 100x or more, at 10% or less than the cost of other computing alternatives. DataSynapse recently announced First Union as its first customer, and it is currently testing its application with a dozen other financial services and energy firms. The company will use proceeds from this round of financing to expand its sales and technology efforts. "Bain Capital Ventures, our new strategic investors First Union eVentures and Intel Capital, and our existing investors will provide us with the experience and technical expertise to rapidly expand our business," said Peter Lee, co-founder and chief executive officer of DataSynapse. In addition to Bain Capital Ventures, First Union eVentures and Intel Capital, first round investors that participated include NeoCarta Ventures, the New York City Investment Fund, Silicon Alley Venture Partners, Wand Partners, and prominent angel investors active in the NYC community. "We conducted dozens of customer interviews and it became clear that the DataSynapse product could provide substantial value to its customers," said Michael A. Krupka, Managing Director of Bain Capital Ventures. "Bain has invested in over 180 companies, and we seek innovative technologies, solving large problems, backed by strong management teams with domain expertise. We felt DataSynapse met our criteria and would be an integral part of our portfolio." "Intel sees peer-to-peer as a key technology to the future of computing and maintains its commitment to help build the ecosystem," said Patrick Gelsinger, Vice President and Chief Technology Officer, Intel Architecture Group, Intel Corporation. "DataSynapse has made progress in the financial services sector where customer applications can capitalise on the value proposition of peer-to-peer distributed computing."
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